Key Points - 2022 Q1 Achievements PR Dated May 11,
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Posted On: 05/11/2022 10:00:27 PM
Key Points - 2022 Q1 Achievements PR Dated May 11, 2022
Financial Performance Highlights:
- Total Revenue: $2.93M - up 7.5% year over year
- Total Assets: $2.4M - up 140% year over year
- Total Gross Profit: $614K - up 4% year over year
- Total Cash On Hand at Close of Period: $332K - up 3,814% year over year
- Inventory On Hand at Close of Period: $1.27M - up 194% year over year
Operational Performance Highlights:
- Established new strategic vision with planned expansion into NFT digital jewelry marketplace.
- Acquired Metaverse real estate in Decentraland for virtual digital jewelry NFT store.
- Hired Chicago Digital Design Consultancy for Metaverse presence.
- Set multiple new company records for single auction and weekly sales performances.
Comments on Performance in 2022 Q1 and Outlook Ahead:
“Our core jewelry business logged strong growth in Q1, with a steady flow of big auction results driving cash from operations, resulting in greater operational flexibility and the opportunity to establish strong growth in inventory.”
“We were also able to make critical investments in future sales expansion as we move rapidly toward the launch of our Metaverse presence, where SFLMaven will become the world’s first native virtual dealership of high-end vintage digital jewelry NFT items for avatars.”
"SFLMaven saw performance in the core vintage jewelry business consistently at or near record levels during the first quarter."
"Overall, the Company continues to see marked growth in items sold, prices per item, and overall sales so far in Q2."
"The Company also accumulated a large cash position during the quarter as average weekly sales exceeded expectations."
"Management has decided to begin diversifying its cash position given steadily higher inflation levels that pose a risk to long-term purchasing power."
"Steps to address this risk include holding higher average inventory levels and establishing some exposure to Bitcoin through market transactions as well as expanding customer payment options to include Bitcoin."
"Management continues to be excited about the long-term growth potential created by establishing a presence in the metaverse and an NFT business dealing high-end vintage digital jewelry items for avatars."
"Q1 was pivotal in establishing this strategic direction, and the Company has made significant further strides toward achieving this vision in Q2, with the full launch of the SFLMaven Metaverse Store now scheduled to go live on Wednesday May 18, 2022, at 5 pm ET."
“Q1 was a tremendous quarter across the board. We broke a number of records in our core physical jewelry business, and we laid a foundation for digital expansion that opens up a new world of potential growth going forward.”
https://www.otcmarkets.com/stock/SFLM/news/st...id=2211416
Financial Performance Highlights:
- Total Revenue: $2.93M - up 7.5% year over year
- Total Assets: $2.4M - up 140% year over year
- Total Gross Profit: $614K - up 4% year over year
- Total Cash On Hand at Close of Period: $332K - up 3,814% year over year
- Inventory On Hand at Close of Period: $1.27M - up 194% year over year
Operational Performance Highlights:
- Established new strategic vision with planned expansion into NFT digital jewelry marketplace.
- Acquired Metaverse real estate in Decentraland for virtual digital jewelry NFT store.
- Hired Chicago Digital Design Consultancy for Metaverse presence.
- Set multiple new company records for single auction and weekly sales performances.
Comments on Performance in 2022 Q1 and Outlook Ahead:
“Our core jewelry business logged strong growth in Q1, with a steady flow of big auction results driving cash from operations, resulting in greater operational flexibility and the opportunity to establish strong growth in inventory.”
“We were also able to make critical investments in future sales expansion as we move rapidly toward the launch of our Metaverse presence, where SFLMaven will become the world’s first native virtual dealership of high-end vintage digital jewelry NFT items for avatars.”
"SFLMaven saw performance in the core vintage jewelry business consistently at or near record levels during the first quarter."
"Overall, the Company continues to see marked growth in items sold, prices per item, and overall sales so far in Q2."
"The Company also accumulated a large cash position during the quarter as average weekly sales exceeded expectations."
"Management has decided to begin diversifying its cash position given steadily higher inflation levels that pose a risk to long-term purchasing power."
"Steps to address this risk include holding higher average inventory levels and establishing some exposure to Bitcoin through market transactions as well as expanding customer payment options to include Bitcoin."
"Management continues to be excited about the long-term growth potential created by establishing a presence in the metaverse and an NFT business dealing high-end vintage digital jewelry items for avatars."
"Q1 was pivotal in establishing this strategic direction, and the Company has made significant further strides toward achieving this vision in Q2, with the full launch of the SFLMaven Metaverse Store now scheduled to go live on Wednesday May 18, 2022, at 5 pm ET."
“Q1 was a tremendous quarter across the board. We broke a number of records in our core physical jewelry business, and we laid a foundation for digital expansion that opens up a new world of potential growth going forward.”
https://www.otcmarkets.com/stock/SFLM/news/st...id=2211416
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